Insurance

Any business wishes to minimise its risks and landlords are no exception to this. For landlords, there is always the possibility that their building will suffer damage – perhaps even rendering it uninhabitable for a period. To avoid this being a major financial blow, good building insurance for landlord is often seen as being critically important.

Building insurance for landlord can be a complicated subject and specialist advice from an expert provider of landlord insurance may be required. That’s because there are a number of factors that the landlord needs to consider. These include whether the building is used for commercial or residential letting (or both)? Does it stand empty for periods of time? Is it in use or under renovations/restoration?

It is then necessary to consider what the risks are. Property can be damaged in natural or man-made accidents. Sadly, tenants and other third parties can also maliciously damage a rented property and today it is also necessary to think about the risks of terrorism.

All of these factors can affect the type of policy required and the cost. At the same time as thinking about building insurance for landlord, it may also be advisable to consider what exactly is ‘the building’. There can sometimes be grey areas between what is the building, a fixture/fitting and the landlord’s personal property/goods. It may therefore be sensible to consider a policy that covers both.